AUGUST 2016 2 3 741 464 277 4 Leading Demographics A Focus on - - PowerPoint PPT Presentation

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Dec 29, 2022 286 likes •592 views

1 AUGUST 2016 2 3 741 464 277 4 Leading Demographics A Focus on Supply Constrained Markets Leading Demographics A Focus on Supply Constrained Markets (in 000) (in 000) 1 1 ($ in 000) ($ in 000) 5 100.0% 93.2% 90.0%

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1 AUGUST 2016

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741 464 277

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(in ‘000) 1 ($ in ‘000)

Leading Demographics A Focus on Supply Constrained Markets

(in ‘000) 1 ($ in ‘000)

Leading Demographics A Focus on Supply Constrained Markets

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5 33.3% 68.6% 93.2%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

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EXTERNAL GROWTH: FOCUSED INVESTMENT STRATEGY

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EXTERNAL GROWTH: FOCUSED INVESTMENT STRATEGY

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June ne 2016 162

Ac Acquis uisitio tions ns

2008 08 – June ne 2016 162

Dis ispos position tions,

, 2008 08 – June ne 2016 162

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Janu nuary ary 2008 08

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(in thousands)

1) Based on annualized 2Q16 EBITDA and average debt outstanding during 2Q16.

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500 1,000 1,500 2,000 2,500 3,000 3,500 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 0% 10% 20% 30% 40% 50% 60% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 % of Gross Assets S ecured Debt Unsecured Debt 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2010 2011 2012 2013 2014 2015 EBITDA / Interest Expense

0.0% 20.0% 40.0% 60.0% 80.0% 100.0% $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 2010 2011 2012 2013 2014 2015 Dividend Payout Ratio Dividend per Share

Dividend per Share Dividend Payout Ratio REIT Avg. Payout Ratio

3 3

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Same-Store Performance 1 2010 2011 2012 2013 2014 2015

Revenue Growth 0.3% 3.6% 3.8% 7.4% 7.2% 7.3% NOI Growth 1.0% 5.7% 6.0% 9.3% 9.6% 9.6% YOY Occupancy Growth (BPS) 0.6% 2.0% 3.4% 5.3% 2.6% 1.5% Annual Avg. Occupancy 76.8% 78.8% 82.6% 88.4% 90.8% 92.3%

E xternal Growth

# Acquired Properties 12 27 37 20 53 29 Acquisition Value ($MM) $85.1 $467.1 $432.3 $189.8 $568.2 $292.4 # of Disposed Properties 16 19 26 35 8 Disposition Value ($MM) $38.1 $45.2 $60.0 $126.4 $0.0 $37.8

Trading & Valuation Metrics

Market Equity Value2 $965 $1,277 $2,049 $2,335 $3,752 $5,496 Total Market Capitalization2 $1,580 $2,035 $3,073 $3,474 $4,926 $6,758 Total Gross Assets2 $1,793 $2,195 $2,504 $2,757 $3,278 $3,709 P / FFO (Trailing)3 18.7x 16.4x 19.7x 17.5x 20.4x 24.5x FFO Payout Ratio4 28.4% 44.6% 47.3% 50.5% 50.9% 55.2% Dividend Yield5 1.5% 2.7% 2.4% 2.9% 2.5% 2.7%

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